Renew Power to set up $8 billion green hydrogen plant in Egypt
The company said in a statement on Tuesday, “Renew Power Pvt Ltd, a subsidiary of Renew Energy Global. has signed a framework agreement with the Egyptian government to set up a green hydrogen plant with an investment of $8 billion in the Suez Canal Economic Zone. The plant aims to produce 2,20,000 tonnes of green hydrogen annually.
Earlier, both the companies had signed a Memorandum of Understanding (MoU) in July this year.
According to the statement, the project will be implemented in different phases. The first phase will be pilot based. It has a target of producing 20,000 tonnes of green hydrogen.
After that, the first phase aims to produce 200,000 tonnes of green hydrogen annually.
The pilot phase of the project is expected to be completed in 2026.
